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Rules & Scoring

Scoring Criteria – Business Plan Summary and Full Plan

Max Points
1.  Impression of Plan/Venture 25
  • Does the summary adequately describe the product/service and does the idea make sense?
  • Is the summary/plan clear and succinct?
  • Does team express a compelling ‘vision’ for the venture?
  • Does the summary/plan create excitement around product/service?
  • Does the team demonstrate a comprehensive understanding of the venture?
2. Market Viability and Competitive Strategy 25
  • Have they adequately described the market and economic opportunity?
  • Have they adequately described their competition?  Who are their competitors and what is their competitive advantage?
  • Have they clearly identified their key potential customers and why their product/service is needed or desired?
  • Has the contestant or team reached significant milestones in terms of launching the enterprise (raising capital, distribution agreements, patents/trademarks, etc.)?
  • Can the product/service be sustained in the marketplace?
3. Management Team 20
  • Does the management team have the relevant skills or experience required to operate their venture?
  • Has the contestant or team enlisted advisors or mentors who can provide necessary expertise?
  • Have the team members demonstrated leadership and initiative in other aspects of their lives?
4. Financial Projections and Financial Viability 20
  • Are the financial projections consistent with the overall plan?  Are the assumptions realistic?
  • Does the plan describe the funding/resources required to execute on the plan?
  • Does the plan indicate when the company becomes profitable and financially sustainable?
  • Are contingencies adequately identified and addressed?
5. Growth Potential and Economic Impact 10
  • Will this business or venture generate full-time family wage job opportunities?
  • Is there an anticipated capital investment that will benefit the local economy?
  • Does this venture have the potential for high-growth in terms of sales and payroll?

TOTAL POINTS =

100

 


Contest Rules & Requirements

The Enterprise Challenge is for individuals, teams or companies that are located in Yakima County.  Participants must comply with the following:

  1. Open to Yakima County residents.  Contestants under 18 must have a signed consent form from a parent or legal guardian.
  2. Business plans may be submitted by individuals or teams.  Teams may have a maximum of five members.
  3. Teams and/or businesses are Yakima County, Washington based and/or plan to locate the business in Yakima County.
  4. For a team or company, over 50% of partners should be located in Yakima County, or business located in Yakima County.
  5. The business should have been in operation for less than two years old with gross receipts under $1 million, or it should be a new business venture.  New Vision may request supporting documentation to verify validity.
  6. Business must be a ‘for profit’ and any area of commercial endeavor is valid (nonprofit organizations running for profit ventures are eligible to compete in the contest).
  7. Applications must describe a new business or an early stage company.
  8. Partially completed applications will not be accepted.
  9. Judges will recuse themselves if he/she has a conflict of interest (i.e. family, financial or business relationship).
  10. The decisions of the judges are final, including interpretation of the rules.
  11. Previous Enterprise Challenge participants may enter; however Cash Prize winners from previous Enterprise Challenges are not eligible.

*In the event that the contest does not generate enough participants, New Vision reserves the right to amend cash prize amounts or registration deadlines.

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